A bill to require multifamily borrowers with federally backed multifamily mortgage loans to submit positive rental payments to certain consumer reporting agencies.

Bill 118 s 4944, also known as the "Positive Rental Payment Reporting Act of 2021," is a proposed piece of legislation in the US Congress. The bill aims to require multifamily borrowers who have federally backed multifamily mortgage loans to report positive rental payments to specific consumer reporting agencies.

Under this bill, multifamily borrowers would be obligated to submit information about tenants' on-time rental payments to designated consumer reporting agencies. This information would then be included in tenants' credit reports, potentially helping them build credit history and improve their credit scores.

The goal of this legislation is to incentivize timely rental payments and provide renters with an opportunity to establish a positive credit history through their rental payments. By reporting positive rental payment information to consumer reporting agencies, tenants may have better access to credit and financial opportunities in the future. Overall, Bill 118 s 4944 seeks to promote financial inclusion and stability for renters by leveraging their rental payment history to improve their credit profiles. If passed, this bill could have a significant impact on the credit reporting system and the financial well-being of renters across the country.